The International Accounting Standards Board (IASB) today published for public comment an exposure draft of proposed amendments to eight International Financial Reporting Standards (IFRSs) under its annual improvements project.

The proposed amendments reflect issues discussed by the IASB in the project cycle that began last year. The proposals range from guidance added to the Appendix of IAS 18 Revenue, on how to determine whether an entity is acting as a principal or as an agent, to changes of wording to clarify the meaning and remove unintended inconsistencies between IFRSs

The IASB adopted an annual process in 2006 to make necessary, but non-urgent, amendments to IFRSs that will not be included in another project. By presenting the proposed amendments in a single document rather than as a series of piecemeal changes the IASB aims to ease the burden for all concerned.

Unless otherwise specified, the proposed effective date for the amendments is for annual periods beginning on or after 1 January 2010, although entities are permitted to adopt them earlier. The proposed effective date for those amendments arising from the revised IFRS 3 Business Combinations is 1 July 2009 (in line with the effective date for the revised standards on business combinations—IFRS 3 and IAS 27 Consolidated and Separate Financial Statements).

The exposure draft can be accessed via the Project Website or on the ‘Open to Comment’ section on www.iasb.org. The IASB requests comments on the exposure draft by 7 November 2008.

Printed copies of Proposed Improvements to IFRSs (ISBN 978-1-905590-73-5) will be available shortly, at £10 a copy (plus shipping), from the IASC Foundation Publications Department. Those wishing to subscribe to eIFRSs should visit the online shop at www.iasb.org or contact:

IASC Foundation Publications Department
30 Cannon Street
London EC4M 6XH, United Kingdom.

Tel: +44 (0)20 7332 2730
Fax +44 (0)20 7332 2749

Email: publications@iasb.org

Printed copies (ISBN 978-1-905590-58-2) will be available shortly, at £10 plus shipping, from the IASC Foundation Publications Department.

Press enquiries

• Mark Byatt , Director of Corporate Communications, IASB
  Telephone: +44 (0)20 7246 6472
  Email: mbyatt@iasb.org
• Sonja Horn , Communications Adviser, IASB
  Telephone: +44 (0)20 7246 6463
  Email: shorn@iasb.org

Technical enquiries